Nicaraguan Exporters Reluctant Over Sucre

The industry is concerned about the currency that is defined by reference to trade with Venezuela through the Unitary System for Compensation of Regional Payments (known as SUCRE).

Thursday, October 25, 2012

The Superior Council of Private Enterprise (COSEP), warned that if Albalinisa, which concentrates all exports to Venezuela, decides to use the cordoba in parity with the the sucre, there would be an economic loss because of the need to change from dollars to cordobas.

The entity considers that the parity currency should be the dollar, and that while "the Central Bank of Nicaragua (BCN) ensures that there is free convertibility of the currency and the use of the sucre is optional, in the case of trade with Venezuela, Albalinisa dominates", published laprensa.com.ni.

Currently the Committee on Production, Economics and Budget of the National Assembly is conducting a consultation process with employers and government officials to assess the possible adoption of the mechanism, Nicaragua being the only member of Alba who has not yet done so.

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More on this topic

Nicaragua Adheres to Sucre

November 2012

Nicaragua's National Assembly approved the country's accession to the SUCRE regional payments system.

A press release from the National Assembly of Nicaragua reads:

The Treaty Establishing the Regional Clearance Unitary System (SUCRE) was approved on November 28 by the plenary by a decree.

Nicaragua: Pressure to Ratify Sucre as Currency

October 2012

Pending in the Nicaraguan National Assembly is adherence to the Unitary System for Regional Compensation Payments, using the Sucre as currency in trade between the member countries of the Bolivarian Alliance.

Alberto Guevara, president of the Central Bank of Nicaragua (BCN in Spanish), urged members of the Committee on Production, Economics and Budget of the National Assembly, to ratify the agreement by which the country adheres to the Unitary System of Regional payments (known as Sucre).

Nicaragua to Adopt SUCRE

March 2010

The Central Bank of Nicaragua has earmarked $24 million for an account in SUCRE to be used by importers and exporters.

Nicaragua becomes the fourth country to implement ALBA’s virtual currency system.

“SUCRE, (Regional Unique Compensation System), was created in 2009 by ALBA, the Bolivarian Alternative to the Americas.

Alba To Implement Sucre for Payments

January 2010

A rice shipment from Venezuela to Cuba will become the first trade transaction done using Sucres ("Unitary System for the Regional Compensation of Payments").

The announcement was made by Venezuelan president Hugo Chávez.

"Sucre is a common accounting unit, not a physical currency. It was adopted by Alba member countries in 2009 for exchanging products, freeing them from using the U.S. dollar", reported Epa.

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